A former pensions minister has accused the government of ‘burying bad news’ as the Treasury made a statement to Parliament on pensions cold calling on the same day as the publication of the now-infamous Brexit White Paper and the arrival of the US president.

Savers with larger deposits will be unhappy that NS&I has slashed the ceiling on its deposits.

The change relates to NS&I’s one- and three-year guaranteed growth and income bonds. Previously, savers were able to deposit up to £1 million with these products. Now however, NS&I have slashed this limit to just £10,000. This is effective immediately.

Parents are now effectively a mortgage lender with a £5.7 billion loan book in 2018, according to financial services group Legal & General (L&G).

More than a quarter (27 per cent) of home buyers have received help from the ‘Bank of Mum and Dad’ so far this year. When looking specifically at under 35s, nearly three in five (59 per cent) have received support from parents to get on the property ladder.